UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 001-38878
So-Young International Inc.
2/F, East Tower, Poly Plaza
No. 66 Xiangbin Road
Chaoyang District, Beijing, 100012
People's Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
Exhibit Index
Exhibit 99.1—Press Release
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
So-Young International Inc. |
| |
|
|
|
| |
By |
|
/s/ Hui Zhao |
| |
Name |
: |
Hui Zhao |
| |
Title |
: |
Chief Financial Officer |
Date: November 20, 2024
Exhibit 99.1
So-Young
Reports Unaudited Third Quarter 2024 Financial Results
BEIJING,
China, Nov. 20, 2024 — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”),
the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry,
today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third
Quarter 2024 Financial Highlights
| · | Total
revenues were RMB371.8 million (US$53.0 million1),
compared with RMB385.3 million in the corresponding period of 2023, exceeding the high end
of guidance. |
| · | Net
income attributable to So-Young International Inc. was RMB20.3 million (US$2.9 million),
compared with net income attributable to So-Young International Inc. of RMB18.3 million in
the same period of 2023. |
| · | Non-GAAP
net income attributable to So-Young International Inc.2
was RMB22.2 million (US$3.2 million), compared with non-GAAP net income attributable
to So-Young International Inc. of RMB9.5 million in the same period of 2023. |
Third Quarter 2024 Operational
Highlights
| · | Average
mobile MAUs were 1.4 million, compared with 3.1 million in the third quarter of 2023. |
| · | Number
of medical service providers subscribing to information services on So-Young’s platform
was 1,322, compared with 1,397 in the third quarter of 2023. |
| · | Total
number of purchasing users through reservation services was 114.9 thousand and the aggregate
value of medical aesthetic treatment transactions facilitated by So-Young’s platform
was RMB346.0 million. |
Mr. Xing Jin, Co-Founder and Chief Executive
Officer of So-Young, said, “Our third quarter performance beat the high end of our guidance once again, highlighting the resilience
of our business. Sales of medical products and maintenance services grew by 18.7% year-over-year, becoming a key growth driver contributing
to a year-over-year increase in net income. This underscores the effectiveness of our strategy to stay at the forefront of industry trends
by deepening the synergies from our vertical integration and continuously diversifying our offerings. Our clinic network has experienced
significant growth. The number of stores has grown to 16 by the end of this quarter, extending our presence into additional major cities.
All stores are situated in central business districts, enhancing our market coverage and competitive position. To further scale our offline
presence, we are accelerating the deployment of this proven standardized model in other cities nationwide and are exploring franchising
opportunities to engage with a wider audience. The reputational strength of our brand and our deep understanding of evolving consumer
behavior uniquely position us to develop products that resonate with consumer needs. Sales momentum remains robust, driven by both our
well-established products and exciting new launches in collaboration with our supply chain partners. Looking ahead, we are committed
to seizing opportunities across the entire medical aesthetics value chain while deepening the integration of our three core businesses
to maximize operational efficiency, customer satisfaction, and sustainable growth.”
1
This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience
of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made
at RMB7.0176 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of
the United States on September 30, 2024.
2
Non-GAAP net income attributable to So-Young International Inc. is defined as net income attributable to So-Young International
Inc. excluding share-based compensation expenses attributable to So-Young International Inc. See “Reconciliation of GAAP and Non-GAAP
Results” at the end of this press release.
Mr. Hui Zhao, Chief Financial Officer of
So-Young, added, “Our third-quarter results reflect our ability to strategically adapt to changing market dynamics. Through disciplined
cost management and targeted growth initiatives, we are carefully navigating this challenging market environment while building a solid
foundation for future expansion. Encouragingly, our net income and non-GAAP net income attributable to So-Young International Inc. improved
significantly, with year-over-year growth rates exceeding 8.9% and 133.1% respectively. Looking ahead, we will leverage our expanding
network of clinics and meticulously curated product offerings to address the growing demand for high-quality solutions and services.
By maintaining operational efficiency and scalability, we are well-positioned to continue leading the medical aesthetics sector, delivering
sustainable growth and long-term value for our shareholders.”
Third
Quarter 2024 Financial Results
Revenues
Total revenues were RMB371.8 million (US$53.0
million), a decrease of 3.5% from RMB385.3 million in the same period of 2023. The decrease was primarily due to a decrease in the number
of medical service providers subscribing to information services on So-Young’s platform.
| · | Information
services and other revenues were RMB263.0 million (US$37.5 million), a decrease of 8.0%
from RMB285.9 million in the same period of 2023. The decrease was primarily due to a decrease
in the number of medical service providers subscribing to information services on So-Young’s
platform. |
| · | Reservation
services revenues were RMB19.6 million (US$2.8 million), a decrease of 18.9% from
RMB24.1 million in the same period of 2023. The decrease was primarily due to a decrease
in consumer spending through our platform. |
| · | Sales
of medical products and maintenance services were RMB89.3 million (US$12.7 million),
an increase of 18.7% from RMB75.2 million in the same period of 2023, primarily due to an
increase in the order volumes for cosmetic products and medical equipment. |
Cost of Revenues
Cost of revenues was RMB142.2 million (US$20.3
million), a decrease of 0.3% from RMB142.6 million in the third quarter of 2023. The decrease was primarily due to a decrease in the
cost of services associated with the information services. Cost of revenues included share-based compensation expenses of RMB0.1 million
(US$0.0 million), compared with the share-based compensation expenses of RMB0.4 million in the corresponding period of 2023.
| · | Cost
of services and others were RMB98.6 million (US$14.1 million), a decrease of 4.7% from
RMB103.5 million in the third quarter of 2023. The decrease was primarily due to a decrease
in the cost of services associated with the information services. |
| · | Cost
of medical products sold and maintenance services were RMB43.5 million (US$6.2 million),
an increase of 11.3% from RMB39.1 million in the third quarter of 2023. The increase was
primarily due to an increase in costs associated with the sales of cosmetic products. |
Operating Expenses
Total operating expenses were RMB225.0 million
(US$32.1 million), a decrease of 8.1% from RMB244.7 million in the third quarter of 2023.
| · | Sales
and marketing expenses were RMB114.9 million (US$16.4 million), a decrease of 20.1%
from RMB143.8 million in the third quarter of 2023. The decrease was mainly due to a decrease
in expenses associated with branding and user acquisition activities. Sales and marketing
expenses included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared
with RMB0.5 million in the corresponding period of 2023. |
| · | General
and administrative expenses were RMB69.9 million (US$10.0 million), an increase
of 39.1% from RMB50.2 million in the third quarter of 2023. The increase was primarily due
to an increase in share-based compensation expenses. General and administrative expenses
included share-based compensation expenses of RMB1.3 million (US$0.2 million), compared with
a reversal of share-based compensation expenses of RMB11.2 million in the corresponding period
of 2023. |
| · | Research
and development expenses were RMB40.2 million (US$5.7 million), a decrease of 20.6%
from RMB50.6 million in the third quarter of 2023. The decrease was primarily attributable
to improvements in staff efficiency. Research and development expenses included share-based
compensation expenses of RMB0.3 million (US$0.0 million), compared with RMB1.5 million in
the corresponding period of 2023. |
Income Tax (Expenses)/Benefits
Income tax expenses were RMB2.1 million (US$0.3
million), compared with income tax benefits of RMB2.2 million in the same period of 2023.
Net Income Attributable to So-Young International Inc.
Net
income attributable to So-Young International Inc. was RMB20.3 million (US$2.9 million), compared with a net income attributable
to So-Young International Inc. of RMB18.3 million in the third quarter of 2023.
Non-GAAP Net Income Attributable to So-Young International Inc.
Non-GAAP
net income attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses attributable
to So-Young International Inc., was RMB22.2 million (US$3.2 million), compared with RMB9.5 million non-GAAP net income attributable to
So-Young International Inc. in the same period of 2023.
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable
to ordinary shareholders were RMB0.20 (US$0.03) and RMB0.20 (US$0.03), respectively, compared with basic and diluted earnings per ADS
attributable to ordinary shareholders of RMB0.18 and RMB0.18, respectively, in the same period of 2023.
Cash and Cash Equivalents, Restricted Cash and Term Deposits,
Term Deposits and Short-Term Investments
As of September 30, 2024, cash and cash
equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,252.6 million (US$178.5 million),
compared with RMB1,341.6 million as of December 31, 2023.
Business Outlook
For the fourth quarter of 2024, So-Young expects
total revenues to be between RMB350.0 million (US$49.9 million) and RMB370.0 million (US$52.7 million), representing a 10.4% to 5.3%
decrease from the same period in 2023. The above outlook is based on the current market conditions and reflects the Company’s preliminary
estimates of market and operating conditions, as well as customer demand, which are all subject to change.
Non-GAAP Financial Measures
To
supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP,
this press release presents non-GAAP income/(loss) from operations and non-GAAP net income attributable to So-Young International Inc.
by excluding share-based compensation expenses from income/(loss) from operations and net income attributable to So-Young International
Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company’s
operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s
core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP
financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future.
All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation
of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based
compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when
evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures
prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance
with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set
forth at the end of this release.
Conference Call Information
So-Young's management will hold an earnings conference
call on Wednesday, November 20, 2024, at 7:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details
for the earnings conference call are as follows:
| International: |
+1-412-902-4272 |
| Mainland China： |
4001-201203 |
| US: |
+1-888-346-8982 |
| Hong Kong： |
+852-301-84992 |
| Passcode: |
So-Young International Inc. |
A telephone replay will be available two hours
after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 27, 2024. The dial-in details are:
| International: |
+1-412-317-0088 |
| US: |
+1-877-344-7529 |
| Passcode: |
2642052 |
Additionally,
a live and archived webcast of this conference call will be available at http://ir.soyoung.com.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY) is the
largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry.
The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude
of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted.
Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and
data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing
consumption healthcare service market.
Safe Harbor Statement
This
announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates,” “confident” and similar statements. Among other things, the Financial Guidance and quotations from
management in this announcement, as well as So-Young’s strategic and operational plans, contain forward-looking statements.
So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,
in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors
or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young’s
beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number
of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited
to the following: So-Young’s strategies; So-Young’s future business development, financial condition and results of operations;
So-Young’s ability to retain and increase the number of users and medical service providers, and expand its service offerings;
competition in the online medical aesthetic service industry; changes in So-Young’s revenues, costs or expenditures; Chinese governmental
policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally
and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included
in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the
attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under
applicable law.
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and
per share data)
| | |
As of | |
| | |
December 31, | | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Assets | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 426,119 | | |
| 467,407 | | |
| 66,605 | |
| Restricted cash and term deposits | |
| 14,695 | | |
| 104,198 | | |
| 14,848 | |
| Trade receivables | |
| 57,219 | | |
| 106,943 | | |
| 15,239 | |
| Inventories | |
| 118,924 | | |
| 145,601 | | |
| 20,748 | |
| Receivables from online payment platforms | |
| 23,158 | | |
| 31,666 | | |
| 4,512 | |
| Amounts due from related parties | |
| 9,212 | | |
| 10,466 | | |
| 1,491 | |
| Term deposits and short-term investments | |
| 900,823 | | |
| 681,035 | | |
| 97,047 | |
| Prepayment and other current assets | |
| 171,774 | | |
| 221,227 | | |
| 31,525 | |
| Total current assets | |
| 1,721,924 | | |
| 1,768,543 | | |
| 252,015 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Long-term investments | |
| 261,016 | | |
| 287,507 | | |
| 40,969 | |
| Intangible assets | |
| 145,253 | | |
| 131,641 | | |
| 18,759 | |
| Goodwill | |
| 540,693 | | |
| 540,693 | | |
| 77,048 | |
| Property and equipment, net | |
| 116,782 | | |
| 154,572 | | |
| 22,026 | |
| Deferred tax assets | |
| 78,034 | | |
| 81,057 | | |
| 11,551 | |
| Operating lease right-of-use assets | |
| 118,408 | | |
| 159,179 | | |
| 22,683 | |
| Other non-current assets | |
| 232,455 | | |
| 180,628 | | |
| 25,739 | |
| Total non-current assets | |
| 1,492,641 | | |
| 1,535,277 | | |
| 218,775 | |
| Total assets | |
| 3,214,565 | | |
| 3,303,820 | | |
| 470,790 | |
| | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| 29,825 | | |
| 89,559 | | |
| 12,762 | |
| Taxes payable | |
| 56,894 | | |
| 53,639 | | |
| 7,643 | |
| Contract liabilities | |
| 103,374 | | |
| 94,747 | | |
| 13,501 | |
| Salary and welfare payables | |
| 86,290 | | |
| 84,927 | | |
| 12,102 | |
| Amounts due to related parties | |
| 388 | | |
| 146 | | |
| 21 | |
| Accrued expenses and other current liabilities | |
| 233,913 | | |
| 244,721 | | |
| 34,873 | |
| Operating lease liabilities-current | |
| 29,739 | | |
| 40,398 | | |
| 5,757 | |
| Total current liabilities | |
| 540,423 | | |
| 608,137 | | |
| 86,659 | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Operating lease liabilities-non current | |
| 86,210 | | |
| 124,915 | | |
| 17,800 | |
| Deferred tax liabilities | |
| 25,082 | | |
| 20,780 | | |
| 2,961 | |
| Other non-current liabilities | |
| 1,536 | | |
| 1,607 | | |
| 229 | |
| Total non-current liabilities | |
| 112,828 | | |
| 147,302 | | |
| 20,990 | |
| Total liabilities | |
| 653,251 | | |
| 755,439 | | |
| 107,649 | |
SO-YOUNG INTERNATIONAL INC.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Amounts in thousands, except for share and
per share data)
| Shareholders’ equity: | |
| | |
| | |
| |
| Treasury stock | |
| (358,453 | ) | |
| (369,907 | ) | |
| (52,711 | ) |
| Class A ordinary shares (US$0.0005 par value; 750,000,000 shares authorized as of December 31, 2023 and September 30, 2024; 73,688,044 and 63,422,436 shares issued and outstanding as of December 31, 2023, 77,634,580 and 66,170,882 shares issued and outstanding as of September 30, 2024, respectively) | |
| 238 | | |
| 252 | | |
| 36 | |
| Class B ordinary shares (US$ 0.0005 par value; 20,000,000 shares authorized as of December 31, 2023 and September 30, 2024; 12,000,000 shares issued and outstanding as of December 31, 2023 and September 30, 2024) | |
| 37 | | |
| 37 | | |
| 5 | |
| Additional paid-in capital | |
| 3,080,433 | | |
| 3,067,567 | | |
| 437,125 | |
| Statutory reserves | |
| 33,855 | | |
| 33,855 | | |
| 4,824 | |
| Accumulated deficit | |
| (330,166 | ) | |
| (312,117 | ) | |
| (44,476 | ) |
| Accumulated other comprehensive income | |
| 18,185 | | |
| 8,858 | | |
| 1,262 | |
| Total So-Young International Inc. shareholders’ equity | |
| 2,444,129 | | |
| 2,428,545 | | |
| 346,065 | |
| Non-controlling interests | |
| 117,185 | | |
| 119,836 | | |
| 17,076 | |
| Total shareholders’ equity | |
| 2,561,314 | | |
| 2,548,381 | | |
| 363,141 | |
| Total liabilities and shareholders’ equity | |
| 3,214,565 | | |
| 3,303,820 | | |
| 470,790 | |
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(Amounts in thousands, except for share and
per share data)
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30,
2023 | | |
September 30,
2024 | | |
September 30,
2024 | | |
September 30,
2023 | | |
September 30,
2024 | | |
September 30,
2024 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Information services and others | |
| 285,937 | | |
| 262,988 | | |
| 37,475 | | |
| 795,100 | | |
| 750,952 | | |
| 107,010 | |
| Reservation services | |
| 24,140 | | |
| 19,567 | | |
| 2,788 | | |
| 80,724 | | |
| 64,987 | | |
| 9,261 | |
| Sales of medical products and maintenance services | |
| 75,217 | | |
| 89,270 | | |
| 12,721 | | |
| 231,639 | | |
| 281,548 | | |
| 40,120 | |
| Total revenues | |
| 385,294 | | |
| 371,825 | | |
| 52,984 | | |
| 1,107,463 | | |
| 1,097,487 | | |
| 156,391 | |
| Cost of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of services and others | |
| (103,484 | ) | |
| (98,620 | ) | |
| (14,053 | ) | |
| (291,503 | ) | |
| (274,695 | ) | |
| (39,144 | ) |
| Cost of medical products sold and maintenance services | |
| (39,119 | ) | |
| (43,548 | ) | |
| (6,206 | ) | |
| (115,199 | ) | |
| (139,839 | ) | |
| (19,927 | ) |
| Total cost of revenues | |
| (142,603 | ) | |
| (142,168 | ) | |
| (20,259 | ) | |
| (406,702 | ) | |
| (414,534 | ) | |
| (59,071 | ) |
| Gross profit | |
| 242,691 | | |
| 229,657 | | |
| 32,725 | | |
| 700,761 | | |
| 682,953 | | |
| 97,320 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (143,844 | ) | |
| (114,884 | ) | |
| (16,371 | ) | |
| (394,276 | ) | |
| (360,448 | ) | |
| (51,363 | ) |
| General and administrative expenses | |
| (50,242 | ) | |
| (69,901 | ) | |
| (9,961 | ) | |
| (204,097 | ) | |
| (225,653 | ) | |
| (32,155 | ) |
| Research and development expenses | |
| (50,597 | ) | |
| (40,188 | ) | |
| (5,727 | ) | |
| (158,531 | ) | |
| (122,277 | ) | |
| (17,424 | ) |
| Total operating expenses | |
| (244,683 | ) | |
| (224,973 | ) | |
| (32,059 | ) | |
| (756,904 | ) | |
| (708,378 | ) | |
| (100,942 | ) |
| (Loss)/Income from operations | |
| (1,992 | ) | |
| 4,684 | | |
| 666 | | |
| (56,143 | ) | |
| (25,425 | ) | |
| (3,622 | ) |
| Other income/(expenses): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investment income, net | |
| 647 | | |
| 510 | | |
| 73 | | |
| 10,869 | | |
| 3,397 | | |
| 484 | |
| Interest income, net | |
| 12,130 | | |
| 14,239 | | |
| 2,029 | | |
| 38,023 | | |
| 38,270 | | |
| 5,453 | |
| Exchange gains/(losses) | |
| 103 | | |
| 465 | | |
| 66 | | |
| (1,051 | ) | |
| 875 | | |
| 125 | |
| Share of losses of equity method investee | |
| (3,822 | ) | |
| (3,873 | ) | |
| (552 | ) | |
| (10,692 | ) | |
| (11,602 | ) | |
| (1,653 | ) |
| Others, net | |
| 9,887 | | |
| 6,915 | | |
| 985 | | |
| 18,474 | | |
| 12,234 | | |
| 1,743 | |
| Income/(Loss) before tax | |
| 16,953 | | |
| 22,940 | | |
| 3,267 | | |
| (520 | ) | |
| 17,749 | | |
| 2,530 | |
| Income tax benefits/(expenses) | |
| 2,191 | | |
| (2,097 | ) | |
| (299 | ) | |
| 7,240 | | |
| 3,031 | | |
| 432 | |
| Net income | |
| 19,144 | | |
| 20,843 | | |
| 2,968 | | |
| 6,720 | | |
| 20,780 | | |
| 2,962 | |
| Net income attributable to noncontrolling interests | |
| (839 | ) | |
| (495 | ) | |
| (71 | ) | |
| (2,941 | ) | |
| (2,731 | ) | |
| (389 | ) |
| Net income attributable to So-Young International Inc. | |
| 18,305 | | |
| 20,348 | | |
| 2,897 | | |
| 3,779 | | |
| 18,049 | | |
| 2,573 | |
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (Continued)
(Amounts in thousands, except for share and
per share data)
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2024 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net earnings per ordinary share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net earnings per ordinary share attributable to ordinary shareholder - basic | |
| 0.24 | | |
| 0.26 | | |
| 0.04 | | |
| 0.05 | | |
| 0.23 | | |
| 0.03 | |
| Net earnings per ordinary share attributable to ordinary shareholder - diluted | |
| 0.24 | | |
| 0.26 | | |
| 0.04 | | |
| 0.05 | | |
| 0.23 | | |
| 0.03 | |
| Net earnings per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class A ordinary shares) | |
| 0.18 | | |
| 0.20 | | |
| 0.03 | | |
| 0.04 | | |
| 0.18 | | |
| 0.03 | |
| Net earnings per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10 Class A ordinary shares) | |
| 0.18 | | |
| 0.20 | | |
| 0.03 | | |
| 0.04 | | |
| 0.18 | | |
| 0.03 | |
| Weighted average number of ordinary shares used in computing earnings/(loss) per share, basic* | |
| 76,842,709 | | |
| 79,493,819 | | |
| 79,493,819 | | |
| 78,001,149 | | |
| 79,544,066 | | |
| 79,544,066 | |
| Weighted average number of ordinary shares used in computing earnings/(loss) per share, diluted* | |
| 77,210,781 | | |
| 79,708,518 | | |
| 79,708,518 | | |
| 78,402,636 | | |
| 79,810,666 | | |
| 79,810,666 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expenses included in: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of services and others | |
| (418 | ) | |
| (81 | ) | |
| (12 | ) | |
| (1,635 | ) | |
| (255 | ) | |
| (36 | ) |
| Sales and marketing expenses | |
| (533 | ) | |
| (183 | ) | |
| (26 | ) | |
| (2,850 | ) | |
| (420 | ) | |
| (60 | ) |
| General and administrative expenses | |
| 11,164 | | |
| (1,328 | ) | |
| (189 | ) | |
| (10,400 | ) | |
| (27,796 | ) | |
| (3,961 | ) |
| Research and development expenses | |
| (1,454 | ) | |
| (309 | ) | |
| (44 | ) | |
| (3,636 | ) | |
| (1,969 | ) | |
| (281 | ) |
| * | Both Class A and Class B ordinary
shares are included in the calculation of the weighted average number of ordinary shares
outstanding, basic and diluted. |
SO-YOUNG INTERNATIONAL INC.
Reconciliation of GAAP and Non-GAAP Results
(Amounts in thousands, except for share and
per share data)
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2024 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| GAAP (loss)/income from operations | |
| (1,992 | ) | |
| 4,684 | | |
| 666 | | |
| (56,143 | ) | |
| (25,425 | ) | |
| (3,622 | ) |
| Add back: Share-based compensation expenses | |
| (8,759 | ) | |
| 1,901 | | |
| 271 | | |
| 18,521 | | |
| 30,440 | | |
| 4,338 | |
| Non-GAAP (loss)/income from operations | |
| (10,751 | ) | |
| 6,585 | | |
| 937 | | |
| (37,622 | ) | |
| 5,015 | | |
| 716 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| GAAP net income attributable to So-Young International Inc. | |
| 18,305 | | |
| 20,348 | | |
| 2,897 | | |
| 3,779 | | |
| 18,049 | | |
| 2,573 | |
| Add back: Share-based compensation expenses | |
| (8,759 | ) | |
| 1,901 | | |
| 271 | | |
| 18,521 | | |
| 30,440 | | |
| 4,338 | |
| Non-GAAP net income attributable to So-Young International Inc. | |
| 9,546 | | |
| 22,249 | | |
| 3,168 | | |
| 22,300 | | |
| 48,489 | | |
| 6,911 | |
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